ST. LOUIS — A $73 million apartment building would be constructed at a Forest Park Southeast site previously granted a property tax abatement for office and retail, if officials approve, according to city documents.
Green Street Real Estate Ventures earlier this year moved from Clayton to a newly renovated office at 4565 McRee Ave., in a $21 million project the company developed that combines office space with Bar K, a bar, restaurant and dog park.
Now the developer plans a 268-unit apartment building, with a parking lot and garage, for a site at 4591 McRee, west of Bar K, according to documents posted for a city board meeting that was scheduled to be held Tuesday, but was canceled.
Financing for the new project could close as soon as June, and construction could begin soon after, according to documents Green Street filed with the city. Construction is scheduled to finish in 2024.
Green Street originally planned to build retail and entertainment at the site when the city in April 2020 granted 10 years of 90% property tax abatement for the entire 18-acre redevelopment area at 4565-4591 McRee.
Green Street requested that the city change the redevelopment plan in documents submitted to the Land Clearance for Redevelopment Authority. The LCRA in 2020 issued industrial revenue bonds for the project that allowed a sales tax exemption for the entire site, including a sales tax exemption up to $21 million specifically for 4591 McRee.
As part of the new request, the city board will weigh whether to increase the sales tax exemption for the expected higher costs of building an apartment building versus the project previously planned.
Read the full story on the St. Louis Business Journal website.